Sterling back above US$1.30 as sellers take breather

London

STERLING clawed its way back above US$1.30 on Thursday as investors, buoyed by a modest revival in risk appetite, booked profits on bets made against it, though the outlook for the currency remained grim after Britain's shock vote to leave the EU.

As European stock markets rose, demand for the safe-haven yen ebbed and the growth-linked Australian dollar weathered a cut in the country's credit rating outlook by Standard and Poor's.